Despite the surge in gold $Gold - main 2412(GCmain)$ , retail investor allocations to gold are still seemingly quite light vs history — at least based on the market share of gold ETFs (aka implied allocations).
Part of this does have to do with the fact that there are a lot more other ETF investment options now, and the stockmarket has significantly outpaced gold over the past decade. But at the same time, if retail were all-in and filling their boots with gold ETFs, it would be reflected in this chart… and if folk believed gold offered superior returns then they would rotate in. And that’s just not what we’re seeing here.
It’s even more pronounced in gold mining stocks. And as mentioned recently in our premium reports, gold miners look like an attractive relative value play — and likely will function well as an alternative hedge against a number of key macro risks facing investors in the coming weeks and months.
So it could be worth swimming against the apparent consensus here and taking a closer look at gold and gold miners in particular.
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